According to the state audit office, the expected volume of national debt will amount to Maximum Rate. As it is presented in the 2017 state bill, fixed volume of state budget amounted to 15 billion and 403.1 million GEL, which is 6 % more than expected rate.
“According to the statistics presented at the bill of2016, at the end of the year national debt will amount to 42,6 % of GDP, however considering 2017 budget bill, a similar rate will amount to 42.1 %. As a result, by the end of 2017, it is expected that debt indicator will decrease with 0.5 %, however it has to be noted that national debt volume will still exceed the fixed rate of 40% defined by Georgian economic development strategy “ Georgia 2020”.
As for the detailed information, internal debt amounts to 3 billion and 263 million GEL, and external debt amounts to 12 billion and 140 million GEL.
Together with analyzing this data, audit service focused on the goals of using securities.
Because of the changes in the law, it is now possible to use securities for any goal that matches with annual budget law. However, it makes it impossible to define the efficiency of using securities for the development of the market. Therefore, it is difficult to define the indicator, which makes it possible to estimate the influence of securities on the development of the market.
It has to be noted that a National Bank estimated a rise of fiscal duties and the estimation is different from the one of audit service.
“National Bank is pleased to see the rise of fiscal duties, considering that financing of deficit of fiscal duties promotes the decrease of currency risks and also develops the market for securities” – it is said in the summary of National Bank concerning State budget 2017.